Questions about Fafsa

Hi all,

quick question about FAFSA. It is asking about my personal assets. How much money I have in the bank. I am over 21 and haven’t been in college before, have never applied for any student loans or anything like that. By my understanding, my parent’s financial information at this point should not affect anything. However, while my name is on (I think) 3 accounts, I am really only in charge of mine.

1 of them I make regular deposits into as a means of paying my rent. The other my name is on in the event of emergency. I don’t have access to those funds, and I don’t deposit money into it.

Do I need to be contacting the account holder and finding out how much money is in there since my name is on the account? Or, since I really only control the funds in my personal account, will that information suffice on the fafsa application? Should I also include what I think is in the rent account?

Sorry but your parents info is needed until you are 24.

Your parents will have to fill out the Parent’s portion of the FAFSA and for the student portion you will only put the info for the accounts which you hold (not those just named on).

What do you mean by this? Are you married, supporting a minor child, a veteran? Why do you think your parent financial information should not affect anything!

To answer your question…

Any money that is yours must be reported as a student asset. It doesn’t matter what or whose accounts the money is in. What matters is who the money belongs to. If it’s yours, it gets reported as a student asset.

If the money is someone else’s, please clarify what you mean by that?

Assets are reported as of the date you file the FAFSA. Pay your rent the day before you file the FAFSA and before you deposit additionally for the next month. That way…the account balance will be $0 when you file your FAFSA. If you are making the deposits to this account with your name on it, it seems to me the money is yours until the money is gone to pay the rent.

@BelknapPoint your thoughts?

What do you mean by “my name is on in the event of emergency”? Is it a joint account that includes your name as an account co-owner? If so, you should have access to that account, even if you didn’t make any deposits. Or do you mean you are named as a beneficiary under a POD (payable on death) designation? That’s completely different.

I’m 25 and turning 26 within the next few months, single, no children and not enlisted in military. This is why I don’t think my parent’s information should affect anything. I could be entirely wrong in this, like I said, I’ve never applied for or done any college classes.

To clarify. All of the money that I consider as mine is in bank account 1. This is the account I pay my personal bills from and use as regular checking and savings. Bank account 2 has my name on it - however, this is the account I deposit money into for house expenses. We deposit utility bill money, replacement appliance money, and property tax money, into said account. When I make these deposits, I am giving said money to the other person on the account. Bank account 3 is owned and maintained by a family member. I do not know the account number, I do not deposit money into the account. She put my name on the account many years ago in the event of an emergency, like a car accident. I do not consider any of the money in that account as mine.

My confusion comes from whether or not they will consider the money as mine because my name is on those accounts? I’m just trying to ensure I fill out the information accurately.


The account is one that she had opened on her own and later added me to. It wasn’t opened as a joint account, but I don’t believe I am listed as a beneficiary under a POD. I will have to clarify with her as to where I stand on the account.

This is YOUR money as long as it remains in the account. You put the money there. It doesn’t matter what the purpose was.

I put money in my checking account to pay bills. That money is mine until the bills are paid.

Your name is on that “bills” account. Frankly, you could withdraw the money at any time if that is the case, right?

In my opinion…your “bills account” is your money until the recipient takes it out of the account.

@BelknapPoint did I miss anything?